Strategic investments in new neighborhoods combined with the success of the current portfolio resulted in a remarkable year for Redwood Living, Inc. 

“Redwood’s collective accomplishments in the last year once again demonstrated our commitment to operational excellence, savvy site selection and outstanding service to our residents, team members and investors,” said Steve Kimmelman, founder and CEO of Redwood. “We approach the year ahead with solid optimism and are excited by the opportunities we see in the marketplace to continue to deliver strong results.” 

Below are some Redwood highlights from 2024. 

A Growing Portfolio

Throughout 2024, Redwood welcomed 12 new apartment neighborhoods that opened or are nearing construction completion across 6 states—Ohio, Michigan, Nebraska, Indiana, Illinois, and North Carolina. 

In addition to new neighborhoods, 5 Redwood Neighborhoods expanded this year, which included new apartment homes in locations across Michigan, Ohio, North Carolina and South Carolina. In total, more than 2,400  apartments were added to new and existing neighborhoods. 

With thousands of new apartment homes came thousands of new residents. Redwood welcomed 7,610 residents to new and existing neighborhoods throughout 2024. As a result, a new revenue milestone was reached—neighborhood LLCs reached a combined total of $400+ million in annual revenue in December 2024. 

Redwood’s development success also attracted significant media attention from dozens of local, regional, and national outlets, including GlobeSt, Yahoo, and Crain’s Cleveland Business. 

Delivering for Investors 

Redwood’s development activity was fueled greatly by the partnership of new and existing investors. In 2024, Redwood welcomed 114 new investors, closed on 10 new  construction projects, and secured $292.7 million of development capital, which fueled development activity, and set the stage for future growth. 

Thanks to its focus on proactive asset management, Redwood increased rents 4+% and NOI 3+% on its stabilized portfolio, increasing Neighborhood value and the ability to have accretive refinancings. The company secured an incremental $267.9+ million of limited or non-recourse financing on 25 unique loan closes. 

Investors benefitted from Redwood’s strategies in 2024, in the following ways: 

• Redwood paid $42.7 million in interest on both preferred equity and mezzanine investments combined 
  
• It returned $68.9 million of principal for both preferred interest and mezzanine investments combined 
  
• The company distributed an incremental $60.5 million in excess cash flow to all stakeholders on stabilized assets (inclusive of cash-out refinancing events) 

Redwood is looking forward to building on this success in 2025. 

A Growing Team + Award-Winning Company Culture 

The Redwood team expanded by 197 new ambassadors in 2024, bringing the total employee count to 646. 

The company was also continually recognized for excellence by various national and regional organizations, particularly in the category of company culture: 

• The National Apartment Association named Redwood a 2024 NAA Top Employer. 
  
• For the seventh year in a row, Redwood was certified a Great Place to Work® and was awarded a Top Workplaces award by Cleveland.com and The Plain Dealer. 
  
• Redwood was also named a 2024 NorthCoast99 award winner by ERC, the Employers Resource Council. 
  
• For the third year, Redwood earned a place on the Best Workplaces in Real Estate™ list. 

For the fourth consecutive year, Redwood placed in the top 20 nationally for online reputation management (Division III) in the annual Division ORA® Power Rankings. Overall, Redwood continues to receive exceptionally high online reviews. Redwood’s average Google rating is 4.7 (compared to the industry average 3.8) and an even higher average 4.8 rating on Apartments.com. 

New and Impactful Ways to Serve Redwood’s Communities 

Redwood takes pride in giving back and found many ways to do so throughout 2024. 

Redwood invited its employees, residents, and investors to nominate a verified 501(c)(3) organization for Redwood to support in the form of volunteer time, promotion, and monetary donations. The company donated a total of $45,000 to six deserving charitable organizations. Here’s a closer look at the program’s impact in 2024. In total, Redwood has contributed more than $100,000 to worthy organizations via the Redwood Cares program over the past three years. In addition to Redwood Cares, the company made another sizable $15,000 donation to local organizations chosen by Redwood investors at the company’s annual investor gala. 

Redwood is also proud to partner with One Tree Planted, an environmental nonprofit, by donating $1 on behalf of each new Redwood employee, resident and investor to plant a tree in an area in need of reforestation. In 2024, 7,751 trees were planted thanks to these efforts. 

Future Growth Plans 

Looking ahead, Redwood’s plans call for continued growth and expansion, with the addition of new single-story apartment homes in current and upcoming suburban markets. The company anticipates opening 10 new neighborhoods and 2 new phases to existing neighborhoods across 4 of the states where Redwood currently operates. The company’s strong momentum is propelling Redwood to reach its goal of 20,000 homes in 2025. 

To learn more about upcoming deals and Redwood’s specialized approach to development and property management, fill out the contact form to connect with our investor relations team.